Elon Musk Asks To Dismiss The $258B Lawsuit Against Dogecoin Investors

Key Points:

• Elon Musk has asked a judge to dismiss a $258 billion class-action lawsuit against Dogecoin investors.
• His attorney argued that investors never explained how Musk carried out the fraud or the risks he was concealing.
• The arguments made by investors were too vague to support a fraudulent claim and the eventual claim that Dogecoin is not considered a security.

On Friday, Billionaire Elon Musk asked a US judge to dismiss a $258 billion class-action lawsuit filed by Dogecoin investors.

In a filing in Manhattan federal court, lawyers for Musk and Tesla called the lawsuit filed by Dogecoin investors about Elon Musk’s “innocuous and often silly tweets” a “fanciful work of fiction.”

The lawyers said that investors have never explained how Musk committed the fraud or what risks he was hiding. Musk’s statements like “Dogecoin Rulz” and “Not high, not low, just DOGE” are too vague to support the fraud allegations.

“There is nothing unfair about tweeting words of support for, or funny pictures about, a legitimate cryptocurrency that continues to hold a market cap of nearly $10 billion,(…). This court should stop plaintiffs’ fantasy and dismiss the complaint.”

Elon Musk’s lawyers said.

In the footnote, the attorney refuted the investor’s argument that Dogecoin qualifies as a security.

As per previous news, investors have accused Elon Musk of doing a pyramid scheme, deliberately pushing the price of Dogecoin up more than 360 times in two years and then letting it crash. They say this has generated billions of dollars in profits at the expense of other Dogecoin investors, even as Musk knows the coin lacks intrinsic value. The $258 billion loss figure is more than three times the estimated drop in the market value of Dogecoin in the 13 months before the lawsuit was filed.

The investors’ lawyer, Evan Spencer, said in an email: “We are more confident than ever that our case will be successful.”

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